CRV

Real Estate

Công ty Cổ phần Tập đoàn Bất động sản CRV

Bất động sảnCT

27.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

20.695

Current

27.000

Gap

-23.4%

ModelDCF LEVERAGE SCREEN

Valuation Breakdown

CT→Bất động sản→Real Estate

Classified as real estate because ICB sector "Bất động sản" maps to the real estate group

ModelRNAV + DCF Blend

Intrinsic = 40% x (BVPS x 1.5) + 60% x DCF Value

Real estate developers in Vietnam report land banks at historical acquisition cost (Vietnamese Accounting Standards don't allow revaluation). This means book value severely understates true asset value. This model blends two approaches: an RNAV proxy (revalued net asset value, applying a 1.5x factor to book value) weighted 40%, and a DCF on normalized cash flows weighted 60%. Highly leveraged firms receive a +2% WACC penalty.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

62.34%

Kd(1-t)

6.25%

D/(D+E)

37.66%

WACC

10.83%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

13.328

60%DCF Value

25.607

Blended Intrinsic

20.695

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CRV

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

1.23

High Risk

DSRI

7.220

GMI

1.007

AQI

0.980

SGI

0.241

DEPI

1.530

SGAI

1.613

TATA

-0.161

LVGI

2.639

CRV exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of 1.2265, which is well above the manipulation threshold of -1.78. Additionally, the earnings quality metrics reveal concerning weaknesses in receivables and revenue recognition, suggesting potential issues with financial reporting.

Red Flags

Beneish M-Score of 1.2265 indicates likely earnings manipulation.
DSRI of 7.2203 suggests significant increases in receivables relative to sales, raising concerns about revenue recognition.
EQ Receivables score of 0.0/100 indicates no quality in receivables, which is a major red flag.

Positive Signals

Cash conversion score of 100.0/100 indicates strong cash flow relative to earnings.
SGI of 0.2407 suggests that sales growth is not overly aggressive compared to previous periods.

Ownership Risk

The ownership structure is heavily concentrated, with the top three institutional shareholders holding over 81% of the shares. This concentration may lead to governance risks and limited accountability for financial practices.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in CRV, particularly focusing on the company's revenue recognition practices and the implications of its concentrated ownership structure.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

3.56

Safe Zone

Key Ratios

Fiscal year 2025

104.09P/E

P/B2.53

P/S23.84

ROE2.3%

ROA1.7%

EPS259.39

BVPS10662.01

Gross Margin40.7%

Net Margin22.9%

D/E0.60

Current Ratio2.55

Rev Growth-75.9%

Profit Growth-76.9%

EV/EBITDA79.26

Div Yield0.0%

Company Overview

Issued Shares

687.4M

Charter Capital

6874.0B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Bất động sản

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for CRV — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Đầu tư Dịch vụ Tài chính Hoàng Huy

Inst

38.1%

262.5 trieu

Công ty Cổ phần Đầu tư Dịch vụ Hoàng Huy

Inst

35.2%

242.4 trieu

Công ty Cổ Phần Phát Triển Dịch Vụ Hoàng Giang

Inst

8.4%

58.0 trieu

Công ty Cổ phần HHS Capital

Inst

7.5%

51.4 trieu

Top connections

HHS58.3%POT15.8%GCB6.4%EVS4.1%IBD3.5%HSL2.9%CRC2.4%VLS1.1%

Computed 12/04/2026